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Tyare Corporation had the following inventory balances at the beginning and end of May:May 1May ...

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Tyare Corporation had the following inventory balances at the beginning and end of May:May 1May ...

Tyare Corporation had the following inventory balances at the beginning and end of May:

	May 1	May 30
Raw materials	$33,000	$45,000
Finished Goods	$82,500	$81,000
Work in Process	$21,000	$17,655

During May, $66,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 450 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,800 of direct materials cost. The Corporation incurred $44,250 of actual manufacturing overhead cost during the month and applied $44,100 in manufacturing overhead cost.

The actual direct labor-hours worked during May totaled:

▸ 2,950 hours

▸ 3,688 hours

▸ 3,675 hours

▸ 5,400 hours

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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